• Home
  • Press Release
  • Tech
    • Gadgets
    • Internet
  • Video
Search
Friday, January 27, 2023
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
CxO News
  • Home
  • Press Release
    • Global Digital Summit
      Global Digital Summit Expo 2023: CxO Kicks off Mega Event
      netflix
      Netflix to start charging you for password sharing soon
      Didi
      China lifts ban on ride-hailing giant Didi
      Twitter
      Twitter creates default ‘For You’ page
      Apple
      Apple to use in-house screens from 2024
  • Tech
    • Global Digital Summit
      Global Digital Summit Expo 2023: CxO Kicks off Mega Event
      Microsoft
      Microsoft faces EU antitrust warning on Activision deal
      VALL-E
      VALL-E clones voice from 3 sec audio
      NASA
      NASA seeks help from public to study exoplanets
      CxO
      DigiTrends at CxO Global Digital Summit 23 Expo
      AllGadgetsInternet
  • Video
    • Global Digital Summit
      Global Digital Summit Expo 2023: CxO Kicks off Mega Event
      Comments
      YouTube reopens comments on auto-generated music videos
      deepmind
      DeepMind AI tool for rough film, stage scripts
      YouTube
      YouTube introduces “Go Live Together”
      YouTube Shorts integrates with YouTube Music
Home Business SBP Introduces Foreign Currency Business Value Account
  • Business
  • Press Release
  • Startups

SBP Introduces Foreign Currency Business Value Account

State Bank of Pakistan (SBP) has decided to introduce a foreign currency account named Foreign Currency Business Value Account (FCBVA).

By
Talha RASHEED
-
August 2, 2022
213
0
Facebook
Twitter
Pinterest
WhatsApp
    Foreign Currency
    Foreign Currency

    State Bank of Pakistan (SBP) has decided to introduce a separate category of foreign currency accounts named Foreign Currency Business Value Account (FCBVA).

    It will facilitate the business entities incorporated abroad with a majority shareholding of non-resident Pakistanis.

    These entities could be Companies, Associations, Foundations, Limited liability partnerships (LLPs), Societies, Trusts, Waqfs and /or other similar legal arrangements.

    However, this will not include sole proprietorships or unregistered partnerships.

    Authorized Dealers (ADs) could open FCBVA of the legal entities incorporated or registered abroad and a majority (51% or more) owned and/or controlled by Non-Resident Pakistanis and/or non-resident Pakistan Origin Card holders, according to a circular issued by the SBP.

    ADs or banks could allow operations in FCBVA through electronic channels besides conventional modes in practice. ADs may also issue chequebooks if required by the authorized account operators.

    Ads would also be required to provide online real-time convertibility from Foreign Currency to PKR based on the request made by the authorized account operator electronically for the eligible debits from the account.

    For the sake of transparency, the ADs shall indicate the exchange rate applicable to the transaction.

    Ads would also be required to devise a mechanism in case FCBVA becomes dormant due to non-operation for reactivating the account digitally.

    They would also be tasked to monitor FCBVAs for mitigating Money Laundering and/or Terror Financing risks.

     

    For all the latest updates and news, visit CxO Global FORUM.

    • TAGS
    • #CxONews
    • Foreign Currency
    • Foreign Currency Business Value Account
    • Rupee Value Business Accounts
    Facebook
    Twitter
    Pinterest
    WhatsApp
      Previous articleSECP Launches Wechat Service To Facilitate Chinese Investors
      Next articleNIC Hosts Jazz Xlr8 Powered Session On Reputation Management
      Talha RASHEED

      RELATED ARTICLESMORE FROM AUTHOR

      Global Digital Summit
      Technology

      Global Digital Summit Expo 2023: CxO Kicks off Mega Event

      Press Release

      Career counselling portal powered by AI is launched by the federal ministry of IT

      google
      Press Release

      Google will lay off 12,000 employees worldwide

      27,544FansLike
      415FollowersFollow
      4,400SubscribersSubscribe
      - Advertisement -

      EDITOR PICKS

      YouTube adds watermark to shared Shorts videos

      Afzal Khan Ahmadani - August 22, 2022

      WhatsApp launches new feature ‘view once’ for photos and videos

      cxonnewsnews - August 5, 2021

      Pakistan to Face a $3 Billion Loss Over Non-Auctioning of 5G This Year

      Talha RASHEED - August 16, 2022

      PTCL Group Set to Launch the Third Cohort of ‘Justuju’ to Upskill Persons with...

      Talha RASHEED - October 26, 2022
      News around thought leaders & corporate industry. World is moving towards knowledge economy and the change of paradigm shift is here
      Contact us: hello@cxonews.live

      EVEN MORE NEWS

      Global Digital Summit

      Global Digital Summit Expo 2023: CxO Kicks off Mega Event

      January 23, 2023

      Career counselling portal powered by AI is launched by the federal...

      January 21, 2023
      google

      Google will lay off 12,000 employees worldwide

      January 21, 2023

      POPULAR CATEGORY

      • Press Release928
      • Business671
      • Technology628
      • Startups246
      • Education85
      • Heathcare78
      • Disclaimer
      • Privacy
      • Advertisement
      • Contact Us
      © By CxO Global Forum
      Go to mobile version